THELOGICALINDIAN - Ripple amount is currently trading in a ambit adjoin the US Dollar and bitcoin XRP seems to be advancing for the abutting move either appear 03700 and 03740 or beneath the 03480 support
Ripple Price Analysis
Recently, we saw a nice advancement move aloft the $0.3500 akin in ripple amount adjoin the US Dollar. The XRP/USD brace alike bankrupt the $0.3650 attrition and the 100 alternate simple affective average. It climbed appear the $0.3800 level, but struggled to authority assets aloft the $0.3740 resistance. Later, there were a brace of attempts to beat the $0.3740 resistance, but buyers bootless to accretion traction. As a result, there was a downside alteration beneath $0.3600 and the amount started trading in a range.
It bankrupt the 50% Fib retracement akin of the advancement move from the $0.3256 low to $0.3790 high. However, the $0.3480 abutment breadth acted as a able abutment and prevented declines. There was additionally no breach beneath the 61.8% Fib retracement akin of the advancement move from the $0.3256 low to $0.3790 high. Besides, there is a above bullish trend band basic with abutment abreast the $0.3510 on the alternate blueprint of the XRP/USD pair. The brace is currently trading abreast $0.3550 and beneath the 100 alternate simple affective average.
There are two accessible scenarios, with the axis akin at $0.3480. The amount could animation aback and revisit the $0.3700 attrition level. Besides, a acceptable breach aloft the $0.3740 attrition may accessible the doors for added gains. Alternatively, there ability be a downside breach beneath the trend band and the $0.3480 support. In the mentioned bearish case, the amount is acceptable to revisit the key $0.3250 abutment area.
Looking at the chart, ripple amount is acutely trading in a ambit aloft the $0.3480 abutment level. It may abide to consolidate afore the abutting key breach either aloft $0.3740 or appear $0.3250. In case of a downside break, the amount could about-face abbreviate appellation bearish appear $0.3250 and $0.3160.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is boring affective into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD beneath afresh and confused beneath the 50 level.
Major Support Levels – $0.3510, $0.3480 and $0.3250.
Major Resistance Levels – $0.3600, $0.3700 and $0.3740.
